Katie Holmes diamond ring doesn't mean she's engaged to Jamie Foxx

Fans were sent into overdrive when Katie Holmes was snapped sporting a huge diamond ring on that finger, with speculation mounting that she was engaged to her partner Jamie Foxx.

The 39-year-old actress stepped out with the new accessory on November 2 - with many think Foxx had gone on bended knee.

Mega

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Holmes' rep quickly quashed all chatter of marriage, telling PEOPLE that it is not a real engagement ring.

“Katie’s not engaged to anyone besides her fictional movie fiancé, played by Jerry O’Connell,” her rep explained.

The Mad Moneystar is filming The Secret, based on the book of the same name which focuses on the power of positive thinking.

Holmes and Foxx have been linked since August 2013. The pair has been recently photographed showing more PDA and enjoying time together.

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An insider told PEOPLE, “Everyone knows they are dating, but they still want to keep it private.

“After the beach pictures, they only spent time together at home and got extra careful. But this year, they have been more social together. They often go to restaurants for dinner dates, or to hang out with friends.”

Chloe LalChloe Lal is WHO magazine's Senior Online Editor who lives and breathes all things royal, celeb and reality TV.